The Chairman of the Board of Directors for the United Bank for Africa or UBA has announced its expansion in 25 countries. Group Chairman Tony O. Elumelu reconfirmed Africa network as strategic priority, and pledged further capital for growth.
He spoke at a forum in Nigeria recently to review the impressive growth of the Bank’s African network over the past 11 years, and to provide a platform to reaffirm and embolden its strategic goals. “We are one bank; the United Bank for Africa”, Mr. Elumelu said as he opened the Forum. “Bringing together our senior leadership talent from across the continent and the distinguished leaders who chair our subsidiary businesses is a powerful demonstration of our commitment to forge one bank for Africa,” he added.
The Group Chairman said as long-term investors and pioneers in pan-African commercial and investment banking, the bank is deeply committed to the markets in which UBA operates and to harnessing the potential represented by the wider African economy.
The bank noted that the intention is to be the leader in African financial services, and the recent transaction track record shows this. According to a statement from the bank, UBA subsidiaries operate in 18 African countries and now contribute more than 25 per cent to Group operating revenue. UBA is increasingly recognized as a strong pan-African brand, hailed for democratizing banking in its countries of operation whilst participating in leading financial transactions.
highlighting their contributions to Africa, Mr. Elumenlu recounted a US $315 million facility to the government of Ghana for road projects on the strength of Road Fund levies, domiciled with UBA Ghana; a US$250 million Crude pre-payment facility for Democratic Republic of Congo-based Orion Oil, representing the largest reported transaction structured by an African investment bank in 2015 involving fresh capital within the African market and a 234 million Euro oil and gas financing deal with SociétéAfricaine de Raffinage (SAR) of Senegal, among others.
Speaking on the breadth and depth of the Forum’s individual sessions, Mrs. Gisele Mudiay, Chairman of UBA Democratic Republic of Congo said: “Our aspiration for the next five years is to pool knowledge of our individual operating environments and leverage that knowledge to help our customers realize their business goals.”
Noting the difficulties that exist in operating in the diverse economic environments across the African continent, Mr. EkotoMukete, Chairman UBA Cameroon said: “While we operate in challenging business environments, we benchmark ourselves against global standards, which means we are able to add real value to our stakeholders. This Forum has ensured that we are an army of one, working in each corner of Africa and driving toward one common goal.”
UBA reported strong financial results in 2015, in what is largely recognized as a challenging macro environment. Gross earnings were N315bn whilst operating profits stood at almost N70bn. UBA Africa operations currently contribute approximately 25% of these earnings but are expected to grow significantly and over time contribute as much as 50% to overall Group profitability.
Meanwhile the forum brought together 90 participants, including the entire Board of UBA, all Chairmen and all CEOs of UBA subsidiaries across Africa and the United Kingdom. It was timed to coincide with UBA’s Annual General Meeting and Group Board Meeting. Press statement